Petrobel Makes New Oil Discovery Northwest of Belayim Marine Field

Belayim PetroleumCompany (Petrobel), the joint venture between the Egyptian General PetroleumCorporation (EGPC) and the ENI/Agip subsidiary, International Egyptian OilCompany (IEOC), has made a new oil discovery northwest of Belayim Marine fieldin the Gulf of Suez. The discovery well tested at a rate of 3,125 b/d of 27øAPI crude oil from a 50 m. (164 ft.) pay zone at a depth of about 3,000...